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Kuwaiti crude up 50 cents to USD 104.29 pb

June 6, 2014

Kuwaiti crude oil

KUWAIT, June 5 (KUNA) -- The price of Kuwaiti crude oil was up 50 cents in Wednesday's transactions to settle at USD 104.29 per barrel compared to USD 103.79 the day before, Kuwait Petroleum Corporation (KPC) said on Thursday.

The oil market was scene of price turbulence of late due to a number of factors, not least of which is the precarious political situation in east Ukraine, and the lowering of the price of US crude futures contracts.

US light crude dropped USD 0.24 to USD 102.47 per barrel, whereas Brent crude came to USD 108.83, a drop of USD 0.56.

Hike in exchange rate of the US greenback was also affecting prices, as the dollar put on 0.36 percent against a basket of main currencies yesterday. The US banknote is now at its highest in two months, supported by lower than expected inflation in Europe's leading economy, Germany, and slower than forecast growth in the manufacturing sector in the euro zone.(end)

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Source: Kuwait News Agency

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